What are my odds for Amex BCP/BCE? Please advice!

[Enhasa]

Hi,

I am planning to apply for AMEX BCE/BCP once my banks update my new balance to the CRAs.

I have been denied in May 2012 by Amex before because I didn't quite know about what goes or doesn't go into my credit score.

Does the BCE and BCP have the same underwriting requirements? Or is the BCP harder to get than BCE?

This is my brief info. Please do advise!

26yo

Self employed. (CR says employer unknown. how can I or should I request to have it changed?)

Annual Salary 80-100k per year for past 3 years. I plan to just put it as 80k to be on the conservative side.

Renting. Rent 1800/month. I own properties (all paid in cash) out of state and overseas as well, but I am renting those out or using them as investments, so on the app I suppose I am classified as "renting" right?

CK 746  (2/26), Experian Auto Enhanced Fico was slightly above 710 approx. (2/5, and I had overall utilization at 92% that time)

Total Credit utilization should report as <10% statement cycle end and updated with CRAs. My current CK score is based upon 65% utilization. Once that update my score should go up right?

Cards I have now are Wells Fargo Platinum 10,000 CL, Chase Amazon 2,000 CL, Bloomingdales 2100 CL, Macy's 100 CL.

AAoA 5 years, 8 months. Credit history length almost 8 years.

Oldest account is opened around mid 2005 and newest account was december 2011.

Had Auto finance from 2006-2011. Account paid in full and closed.

No BK, No collections.

1 30-day late payment in July 2006 (falling off this year July, right?) from Macy's for $0.92 (YES, NINETY TWO CENTS) unpaid and overdue.

1 inquiry in May 2012 (applied AMEX; rejected), 5 inquiries in Feb 2013 (CITI, BMW, BMW DEALERSHIP, CHASE, BANK OF AMERICA) for Auto loan.

My car loan isn't updated on my CR yet. I paid about 58k cash and financed 10k (minimum amount required to get financing). Loan duration is 2years for 0.9APR. I intend to pay it off early.

Zero Mortages (active and past)

What are my chances? 

I am very worried about all those inquiries made when I tried to get an auto loan. Could have PIF but I thought financing and paying the loan is supposed to help me, not sabotage me like this.

Also, will a late payment from July 2006 still affect me by a lot? Do they take into consideration it is for just $0.92? I tried calling Macys to remove it, but they won't budge. They didn't send me any statements and I thought I paid in full, guess I forgot about the sales tax or interest charge.

Another question. Chase gives me 2,000 CL. Last month alone, I swiped over 4k on that card, and paid in full (by paying every 3 days). Chase hasn't been able to charge me any finance fees for over a year, and I get about 50 bucks rewards on average per month. Is this gonna come bite me in the back some way or another, such as being on the bad side of Chase or other banks? 

Please help. Thanks!!!!

[_jb_]

I think you are a pretty good candidate. I wouldn't worry too much about all the inqs. for the auto loan. Worst case scenario, you get denied online and then have to call in and can explain that all of those inqs. are related to the auto loan. They will more than likely approve you then (if not instantly).

[Enhasa]

Thanks for the advice. Do you know if amex recon is of any help usually? 

Will a late payment from July 06 affect me? Or should I just wait till July/August this year for it to fall off. The wait is killing me though 

[youngandcreditwrthy]

Didn't you already ask this is another post?

Uw criterion are the same afaik.

If you spend more than $25 a week on groceries, then the $75 af on bcp is worth it!

[SnackTrader]

That is not true. The break even point for the AF on groceries alone is $48.08 per week. I just like to say $210 per month, but either way will get you the same results. $2,500 in groceries is necessary to make the AF worth it each year - but even less if you end up using the card for gas or department stores.

[billy41]

umm actually...i'm no genius but $25 (x) 52 weeks in a year (x) %6 lands you at $78 which is actually more than enough to offset the AF...am i doin it right

[youngandcreditwrthy]

Well friends, I read the $25 a week thing on the Amex website... So from the horse's mouth lol

+1@billy :-)

Either way, I have BCE. I spend prob $150-200 on groceries a month. I just dislike afs!

[SnackTrader]

It's not about offsetting the AF, it's about earning more than you would without the AF present. If an AF is $75 - you need to earn $150 in rewards to offset the $75 cost and still take in $75 in rewards if you have the BCP.

Otherwise, with the BCE you would have $75 in your pocket.

$2,500 x .03 = $75 reward balance

$2,500 x .06 = $150 - $75AF = $75 reward balance

So you are in the same place at $2,500 in grocery spending. You need to spend more than that to earn profit off having the BCP. Otherwise, your net rewards would be less with the BCP.